Monday, July 03, 2006

Quinn's offer

Quinn makes offer to buy Sunderland AFC

At a press conference held by Sunderland AFC this afternoon it was officially confirmed that Niall Quinn's Drumaville consortium has made a cash offer to purchase the majority shareholding in the club through KC Capital. The offer, amounting to 10 million pounds is conditional on the group achieving a 90% stakeholding in the shares of the club within the next 21 days. Remaining shareholders who accept the offer will realise a 31p premium on the price quoted back in May.

Drumaville have already received the go ahead to purchase 72.59% of the club's shares including Bob Murray's 56.8% stakeholding. The remaining independent directors of the club have given the consortium the go ahead to recruit a new manager for the team and that search will start now.

The new chairman will be former striker and fan's favourite Niall Quinn who has admitted that at the age of 39 he is not comfortable and that the role will make him feel old. He said today;

"I am personally delighted, on behalf of my consortium company Drumaville (a company newly incorporated by Quinn and the consortium members), to be in a position to present this offer to the shareholders of SAFC.

We believe this heralds a new beginning for Sunderland, but it's only going to happen if everyone comes together in a joint effort.

My consortium are buying into the wonderful potential at the club and wish to help enable it to regain the status it truly deserves."

This is just the news that Sunderland fans in South Shields have been waiting for after a long hard summer wondering when the offer and succession would come along, speculation will now increase that Quinn's consortium is attempting to lure former Leicester and Celtic manager Martin O'Neil to the Stadium of Light. The club's official statement also inferred that that the new consortium wishes to add new faces to the playing squad within the five weeks left before the new campaign gets underway.